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"My First House"

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Doug in NC

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Anyone else catch this show this weekend? One scene shows the appraiser telling the borrower face-to-face that the appraisal was coming in below the sale price.

I have to tell you, I don't make it a point to meet personally with the borrower when my appraisals come in below sale price. Now I can only assume that the lender did give the appraiser the go-ahead to discuss the appraisal with the borrower, but it angers me that television promotions like this are giving the impression that this type of thing is our obligation to homeowners. Fortunately, in most instances in recent years, my clients have insulated me from what are often contentious discussions.

I won't go into the house flipper show that repeatedly announces the real estate agent showing up to "appraise" the remodeled house before putting it on the market. m2:
 

stefan olafson

Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
I just completed an appraisal (house) for BofA, the value came in below PP. The buyer talked to BA and they gave him my phone number! I was bombarded by calls, "how in the Hexx did you miss the value?" "My brother in law has a similar house in a nicer neighborhood and it appraised for $xx!"

I returned to the city where the appraisal was completed, rechecked my research and determined the original value was valid. I then sent a letter to the lender and a CC to the buyer. In the letter I informed both that I could not speak with the buyer without specific written authorization from the client. I wrote a little about client confidentiality and how some lenders had, in the past, pushed for higher values which has resulted in foreclosures.

After that letter I have heard nothing. I typically don't speak to owners,sellers or buyers after the initial contact to view the property. I always inform them that my opinion of value is delivered to my client, and I tell them who that is. I inform them that once I leave the property they may not contact me, they have to go through the client if there are problems or praise.

This seems to work well for me.
 
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